Singapore NODX deepens contraction in June with a 17.3% decline

NODX sank by 17.3% year-on-year for last month, almost double of the 9.6% fall private economists had predicted in a Bloomberg poll. For the month of May, NODX fell by a revised 16.3%.

Singapore’s non-oil domestic exports (NODX) contracted further for last month, extending to mark the fourth straight month of decline, data from Enterprise Singapore showed on Wednesday morning. The weak performance last month was due to a fall in both electronic and non-electronic exports.

NODX sank by 17.3% year-on-year for last month, almost double of the 9.6% fall private economists had predicted in a Bloomberg poll. For the month of May, NODX fell by a revised 16.3%.

Flash estimates last week showed Singapore’s gross domestic product (GDP) falling below expectations to expand by 0.1% for the second quarter. The flat GDP figure marks the slowest quarterly growth for the Republic since the economic downturn in mid-2009, when the economy had shrunk by 1.2%.

For last month, NODX shipments to most of the top markets fell, except for the United States. The worst performers were Hong Kong, China, and the European Union, which had posted declines in shipments of both electronic and non-electronic goods.

Shipments of electronic goods sank by 31.9% in June, extending from the 31.6% decline in the previous month. Contributors to the fall were integrated circuits, personal computers, and disk media products which had contracted by 33.0%, 44.6%, and 41.7%, respectively.

Non-electronic products posted a 12.4% decline in shipments in June, following the 11.1% fall in the previous month, due to shipment declines in non-monetary gold, petrochemicals, and pharmaceuticals, which fell by 50.2%, 16.7%, and 11.3%, respectively.

Total trade for June fell by 7.2%, following the 2.2% decline in the previous month, as both imports and exports declined, the country’s trade agency Enterprise Singapore said.


The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.